Bad Credit Car Loans
Financing Your Vehicle with The Help of Bad Credit Car Loans
You may be struggling in life with the never-ending cycle of bills and debt, and more bills and more debt. No one said being a financially reasonable adult was easy, but when it comes to your automotive expenses, it can be. Just because your debt is seemingly beyond repair at the moment, doesn’t mean you should have to live a stagnant life without a vehicle. There are not millions of bad credit car loans out there just waiting for you to take advantage of them. But dealers like Carl Black Hiram will always work with you and your bad credit in order to get you moving again at a price that works for you.
Why You Need a Car
No matter what area you live in you will need a way to get around. Sure you could walk tirelessly from place to place which is time-consuming, or take overpopulated, dirty, and inconvenient public transportation, but why torture yourself with all of that extra work when you can have a personal car that will take you anywhere quickly and at a moment’s notice. Here are just a few of the reasons owning a car will make your life better:
- Freedom to be spontaneous
- Quick and effortless transportation
- Passenger and storage capabilities
- Advanced features for comfort, safety, performance, style, and entertainment
- Self-reliance and ability to assist others
- Ability to partake in automotive culture
- Numerous business prospects
That being said though if you still want to walk or take the bus, it’s not like the option won’t still be there.
Financing a Car
Generally, drivers will require financing of some sort in order to make the hefty investment that is owning an automotive. It is most common to finance a vehicle through the dealership you are purchasing it from, but at times there are those that go for the less convenient banking or credit union option. Making a deal with a dealer will allow you to negotiate a more personalize deal that will often be efficient and more manageable since a dealer will always desire the sale more than any other car loan providers.
- Set a goal price
- Set a fair price
- Set a non-negotiable price
- Identify the type of car you need
- Identify your current credit score
- Get a copy of your credit report so you are aware of what creditors will see
- Research bad credit loans in your area if your score is underwhelming
When it comes to negotiating your car rates, it is important to understand that interest rates are just as negotiable as the vehicle price. When you are investing in a bad credit car loan though, you will find that the only real downside is the negotiation for interest rates will be much tighter. This is because bad credit car loans are only possible for a dealership when they increase interest rates in order to counteract the risky investment in a driver with low credit. As long as you pay on time though you should see very little issues with this.
Additionally, you will want to ask your dealer if they or the manufacturer are offering any special deals such as rebates, reduced interest, or cash back on any models you have an interest in. These deals are usually advertised, but it never hurts to ask and see what they can do for you.
It may sound silly to give a linguistics lesson, but confusion over finance terminology is not an issue you want to deal with while negotiating. So here is a quick list just to help you out a bit before going into the already tricky process of car financing:
Down Payment – the initial amount you spend to reduce later fees and the amount of the loan
Amount Financed –what the creditors are providing you
Finance Charged – the cost of credit in a dollar amount
Annual Percentage Rate or “APR” – The credit cost, interest rates, for one year labeled as a percentage
Guaranteed Auto Protection (GAP) – Optional protection that will pay everything you still owe on the vehicle if it is destroyed or stolen
Credit Insurance – Insurance that will pay what is unpaid if monthly payments become disabled or you pass away
Fixed Rate Financing – When the financing rate will stay the same the entire lifespan of the contract
Variable Rate Financing – When the financing rate can change in the lifespan of the contract
Final Financing Notes
Never leave the lot with a car before handling the financing process first
Always remember that until a vehicle is fully paid off the loan provider will still have a lien, or rightful possession, on the vehicle
Late fees are a killer, so be sure to always set the alarm or do whatever you must to be sure you pay them on time
Always triple check a document to ensure it has all the information about the loan on it before signing
There are laws protecting your rights such as the Truth in Lending Act that will force dealers to sign a contract, the Equal Credit Opportunity Act that ensures every race, gender, age, and religion will be offered the same rights when it comes to getting a loan, and additional state laws
Bad Credit Loans
Bad credit car loans are a way to really give a helping hand to those that have fallen into the sometimes unavoidable hole that is bad credit. No one should have to live without the ability to get a car just because of past struggles, that is why many dealers are generous enough to put their faith in you as a person instead of a number.
No one wants to put a co-signer at risk, and bad credit car loans will keep you feeling strong and independent in more ways than one. With a bad credit car loan, you will finally feel like the financing world isn’t just out to get you, but is trying to help by giving you that second, third or even fourth chance to make good on your obligations and remind you that you are more than a score. When you do get a loan settled just to be sure to make those payments timely, and things should be finally be looking good for you.
Why Finance at Carl Black Hiram?
We at Carl Black Hiram are here to offer loans for all types of credit. Whether you have good, bad, or no credit at all, we are here to work with you for you to find the ideal solution for your transportation needs. Stagnation is not a way for any human to live, and that is why we at Carl Black Hiram will dedicate all of our time and resources to get you moving in no time at all no matter what your budget is or how bad your credit score may be. With Carl Black Hiram, you are just a click away from flexible financing.
No matter what your credit situation may be, head down to Carl Black Hiram to finance your next vehicle purchase. We are used to all types of credit and budgets, and will use all of the resources available to use to get you into the car you need today!